Raw sugar futures settled sharply higher Tuesday on heavy commodity fund buying as the market tracked furious rallies in oils and metals, with the sweetener seen rising further this week, brokers said.
The New York Board of Trade's May raw sugar contract soared 0.64 cent, or 3.79 percent, to finish at 17.52 cents per lb, trading from 17.05 to 17.55 cents.
The July contract shot up 0.67 cent, or 3.88 percent, to conclude at 17.94 cents. The rest of the board went up from 0.58 to 0.73 cent.
Technical analysts feel resistance in the May contract is at 18 cents, with support at 17 and 16.90 cents.
Final estimated volume stood at 91,306 lots, against the previous count of 60,526 contracts. Call volume touched 20,176 lots, while puts hit 14,421 lots.
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